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BRIEF-Rand Merchant says to buy 29.9 pct stake in UK-based Hasting Group
December 14, 2016 / 2:51 PM / 10 months ago

BRIEF-Rand Merchant says to buy 29.9 pct stake in UK-based Hasting Group

Dec 14 (Reuters) - Rand Merchant Investment Holdings Limited :

* To acquire up to 29.9 pct of issued share capital of Hastings Group Holdings Plc

* Deal for an aggregate cash consideration of between approximately 487.3 million pounds and 499.5 million pounds

* RMI will fund acquisition through a debt facility,

* RMI’s interest in Hastings will be acquired from Hastings Investco Ltd and certain individual shareholders

* RMI will become single largest shareholder of Hastings post implementation of acquisition.

* Will be able to nominate for appointment a director to board of Hastings

* First such appointee will be Herman Bosman, CEO of RMI as director

* Acquisition is expected to become effective by no later than 30 April 2017 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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